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7 July 2010

Asters holds a workshop on the new Joint Stock Companies Law

On 16 June 2010 Asters held a workshop "Joint Stock Companies Law: Everything You Wanted to Know but Did Not Know Whom to Ask". Speakers at the workshop were partner Vadym Samoilenko, a member of the Corporate Governance Expert Council at the Ukrainian Securities Commission and a recommended corporate lawyer by most reputable Ukrainian and international law reviews, and associate Oles Kvyat, the author of numerous publications on corporate law, securities, taxation and bankruptcy.

Although the Joint Stock Companies Law, effective from 30 April 2009, apparently took Ukrainian company law one step forward it still has many inconsistencies and loopholes requiring clarification or revision. Vadym Samoilenko told the audience about the main problems in practical application of the law and about the work of the Securities Commission in issuing clarifications and implementing regulations intended to reduce regulatory burden on joint stock companies. The workshop's attendees received practical recommendations regarding application of the law to the existing and newly created companies.

The hot topic of the workshop attracted a sizeable audience of in-house lawyers and managers of joint stock companies in automotive, agricultural, energy and telecommunications industries, as well as heads of securities departments of commercial banks. Vadym Samoilenko commented: "We are very pleased to hold this workshop, because, as professionals, we feel our responsibility for informing the business community about the changes in the rules of the game in corporate law. We alerted the audience regarding practical difficulties resulting from the new law and outlined available solutions."

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